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Archive for the ‘Revenue Recognition Standards’ Category

FOR ANNOUNCEMENT | IMMEDIATE RELEASE


Project Partners, LLC. receives MBE certification from WRMSDC

A privately held minority consulting services and software solutions firm achieves National
Minority Business Enterprise (MBE) certification

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Half moon Bay, CA–July, 2020 – Project Partners, the world’s foremost Experts in Enterprise Project Portfolio Management™ for project-centric organizations is proud to announce that is has received the Minority Business Enterprise (MBE) of the Western Regional Minority Supplier Development Council (WRMSDC) National certification. After completing the extensive application, meeting, and passing the review and rigorous requirements of the MBE certification process, this certification award proves that Project Partners, LLC meets the requirements to do business with large corporations, local, state, and federal government departments as a minority business entity. This milestone is an exciting opportunity for Project Partners with its mission to expand and continue to deliver a consistent level of high-quality services that positively impact the organizations it serves.

“Receiving this coveted certification is definitely an honor.  I know that the WRMSDC fully supports the growth and welfare of minority communities by championing the use of minority-owned businesses, therefore has a stringent national certification process.  We are proud to have successfully gone through the process and been awarded our MBE certification,” says Randy Egger, CEO and President of Project Partners.  “We also look forward to participating and leveraging WRMSDC’s community of MBE’s and tools that will provide us access to new prospects in our pursuit for growth and development of our products and services exclusively to project-centric organizations leveraging Oracle Technology. It’s a tremendous opportunity.”

To learn more about Project Partners, LLC, including its new status, visit www.projectp.com

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About Project Partners, LLC:  Project Partners, LLC is a privately held firm headquartered in Half Moon Bay, California, offering consulting services and software solutions.  Project Partners is a long-standing Oracle partner and a single point solution provider for all requirements across Oracle ERP | PPM Cloud, Oracle E-Business Suite, Oracle Primavera applications for project-driven organizations. As a 100% minority-owned business with MRMSDC certification as an MBE, Project Partners is committed to stellar service and developing innovative and sustainable solutions for their clients.

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Through implementation, customization, and integration Project Partners’ Oracle Primavera P6 EPPM experts provide clients with a comprehensive, real-time view of their portfolio, enabling a deep understanding of all projects within an organization anywhere in the world.

Oracle Primavera P6 Enterprise Project Portfolio Management (EPPM) is the most powerful, robust, and easy-to-use solution for globally prioritizing, planning, managing, and executing projects, programs, and portfolios in asset-intensive industries. P6 EPPM solution enables project driven organizations to intelligently manage their programs and projects—from small and simple to large and complex.

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P6 EPPM cloud version  provides easy access to enhanced features that make it an excellent tool for project centric organizations to meet complex Project Portfolio Management requirements. In addition, it provides comprehensive business and industry solutions based on leading practices enabling  increased productivity, accelerating business performance and providing a lower cost of ownership across the organization.

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We provide expert cloud migration services to integrate P6 EPPM with your finance and asset management systems, providing a consolidated view of the  enterprise project portfolio for an accurate, up-to-date view of projects, people and financial performance.

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PROJECT PARTNERS PROUDLY ACHIEVES PLATINUM PARTNER STATUS IN
ORACLE PARTNERNETWORK (OPN)

HALF MOON BAY, Calif., January 16, 2019 – Project Partners, a global leader in optimizing business processes and IT investments within project-driven organizations, today announced that it has achieved Platinum partner status in Oracle PartnerNetwork (OPN).  By attaining Platinum level membership, Oracle has recognized Project Partners for its in-depth expertise and continued excellence in providing services for Oracle applications and technology.

“We are honored to be in the highest level of the OPN Program. With our new designation as a Platinum Partner in the Oracle PartnerNetwork (OPN), Project Partners will continue to strengthen and build upon its 20+ year relationship with Oracle,” said Randy Egger, President/CEO, Project Partners.  Our global team has continually demonstrated deep application expertise and are working to obtain additional certified specializations across Oracle application solutions areas to better serve our project-centric customers.”

The company offers deep industry expertise across key Oracle applications and technologies including the Oracle ERP Cloud, Oracle E-Business Suite, and Oracle Primavera applications.  In addition, we have developed products and solutions to support and augment our customers’ off-the-shelf products.  We are proud to be widely recognized as The Experts in Solutions for Project-Driven Organizations™ and look forward to continuing collaboration, sharing industry experiences and leveraging our Platinum Partner status to enable organizations, partners and Oracle.

With its Platinum status, Project Partners will benefit with the high level of engagement, commitment and resources available to OPN partners.  Platinum members receive dedicated virtual account management support to build joint development plans and help broaden specialization areas and revenue opportunities. Additional benefits include priority placement in the OPN Solutions Catalog, one free application integration validated by Oracle, joint marketing and sales opportunities, discounted training and more. For more information about the benefits of becoming an OPN Platinum level partner, please visit: http://www.oracle.com/us/partnerships/index.htm

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About Project Partners, LLC.

Headquartered in Half Moon Bay, California | Project Partners is the global leader in optimizing business processes and IT investments within project-driven organizations. We are dedicated to helping businesses achieve their goals with smart, effective and scalable Oracle Application solutions that improve processes and deploy technology to maximize project life cycle ROI. Our business process experts understand and support customers with their evolving business models and help them drive productivity to meet the demands of the market and their organization.

Project Partners has a diverse team who is expert in leveraging Oracle’s ERP Cloud, E-Business Suite and Primavera solutions. We have global locations worldwide to support multi-geographical operations and have executed implementations for hundreds of clients who manage tens of thousands of projects, thousands of users, multiple languages and currencies. In addition, we have developed products and solutions to support and augment our customers’ off-the-shelf products.  Project Partners is proud to be widely recognized as The Experts in Solutions for Project-Driven Organizations™.

Project Partners is a proud Oracle Platinum Partner, Oracle Certified Education provider and authorized Reseller of Primavera and Oracle Cloud PPM, and Cloud Financials.  We hold an Oracle Cloud Standard certification, with specializations in Oracle® E-Business Suite™ with Projects, Primavera and Oracle Validated Integration’s in EBS.

For more information, visit: http://www.projectp.com/

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About Oracle PartnerNetwork

Oracle PartnerNetwork (OPN) is Oracle’s partner program that provides partners with a differentiated advantage to develop, sell and implement Oracle solutions. OPN offers resources to train and support specialized knowledge of Oracle’s products and solutions and has evolved to recognize Oracle’s growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to be recognized and rewarded for their investment in Oracle Cloud. Partners engaging with Oracle will be able to differentiate their Oracle Cloud expertise and success with customers through the OPN Cloud program – an innovative program that complements existing OPN program levels with tiers of recognition and progressive benefits for partners working with Oracle Cloud.

To find out more visit: http://www.oracle.com/partners

 

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 Project Partners Blog Author: Donna Dignam | Principal Functional Consultant 
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In April 2015, FASB (Financial Accounting Standards Board) issued ASU (Accounting Standards Update) 2015-05 to assist entities to determine when a customer in a cloud computing arrangement “CCA” (i.e. hosting arrangement) included a software license.

If a CCA includes a license to internal use software, the software license is accounted for by the customer as an intangible asset.  Basically, the intangible asset is recognized for the software license, and the payments or said license made over time are recognized as a liability.  If no software license is included in the contract, the company should account for the arrangement as a service contract, and the fees associated with the hosting service of the arrangement are expensed as incurred.

The Update did not give any guidance regarding the implementation costs for activities performed in a cloud computing arrangement as a service contract.  Since the FASB guidance in this area was not explicit, the Board decided to issue an Update to specifically address the resulting diversity in practice.

Who Is Affected by ASU 2018-154?

These Amendments on the accounting for implementation, setup and other upfront costs (commonly referred to as implementation costs) apply to entities that are a customer in a hosting arrangement that is a service contract.  Oracle Cloud computing arrangements where a license is sold to the customer along with a hosting arrangement with Oracle Cloud would be one such customer.

Main Provisions of ASU 20184

The Update’s intent is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software and hosting arrangements that include an internal-use software license.  The current accounting for the service element of a hosting arrangement is not affected.

It is up to the company to determine which implementation costs to capitalize as an asset related to the service contract and which to expense.  Costs to develop or obtain internal use software that could not be capitalized under Subtopic 350-40, such as training costs and certain data conversion cost, also cannot be capitalized for a hosting arrangement that is a service contract.  The company in a hosting arrangement that is a service contract determines which project stage an implementation activity relates to.  Project stages include preliminary project stage, application development stage or post implementation stage.  Costs incurred for the application development stage are capitalized, while those costs related to the preliminary project stage or the post implementation stage are expensed as the activities are performed.

In addition, the company is required to amortize the capitalized implementation costs over the terms of the hosting arrangement.  The term of the hosting arrangement includes the noncancellable period of the arrangement plus periods covered by:

  1. Option to Extend – customer must be reasonable expected to exercise this option
  2. Option to Terminate the Arrangement – where the customer is reasonably expected NOT to exercise this option
  3. Option to Extend or Not to Terminate – where the vendor has control of exercising the option.

Impairment guidance, as if the costs were long-lived assets, and abandonment are to be applied based upon the existing guidance in SubTopics 350-40 and 360-10, respectively.

Income Statement presentation by the entity should be the same line item as the fees associated with the hosting service of the arrangement.  Similarly, classification of payments for capitalized implementation costs in the Statement of Cash Flows are done in the same manner as payments made for fees associated with the hosting arrangement.  In the Statement of Financial Position, capitalized implementation costs are presented in the same line item that a prepayment for fees associated to the hosting arrangement would be presented.

How is This Different and Why is it an Improvement?

Currently, GAAP does not specifically address accounting for implementation costs associated with a HASC.  Therefore, the Update improves current GAAP as it clarifies accounting and aligns the accounting for implementation costs for hosting arrangements, regardless of whether a license is conveyed.

For consulting firms, the new standards present an improved selling point as costs that were previously required to be expensed can now be capitalized.  For capital intensive industries, where cloud applications are being considered and dismissed due to financial considerations around increased expenses (and resulting decreased profitability metrics) due to cloud implementation, the new standard allows a way to capitalize the costs associated to both the license and the implementation and development costs around getting that application stood up.

When Does This New Update Take Affect?

For public entities, the amendments are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021 are required.  Early adoption is permitted at any time.

The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.

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Author: Wendy Lamar | Managing Principal Consultant | Project Partners
Oracle E-Business Suite R12 Project Certified Implementation Specialist


Through this three (3) part educational web-series, Project Partners will arm you with critical steps and insight into a Project Financials cost-effective solution. This unique solution offering will assist administratively burdened organizations like yours to effectively manage Project Financials around Capital spend through all phases of the Capital Lifecycle (Concept Definition, Funding Approvals, Execution, Reporting, and Managing Project Costs).

WHY CAPITAL PROJECTS? – WEBINAR REGISTRATION INFORMATION

CLICK TO REGISTER HERE for our FINAL PART (3) of the three (3) part series as we explore how Project Partners has addressed the pain associated with AFE’s and the manual efforts.  We will showcase how we’ve developed an easy to use Authorization for Expenditure solution that extends the functionality of Oracle EBS Projects applications and walk you through the solution focused around project costing to your specific business requirements, robust functionality, and use of authorizations for expenditures to further efficiency gains and extensive return on investments.

MISSED PART 2?  Don’t Worry…CLICK HERE to get a downloadable recording so you will be up-to-speed!   

Have Questions?
Simply reach out to us and our experts will immediately assist, provide additional information, and ensure you have associated playbacks. We look forward to your attendance, and will set up a call to fully understand your needs, and offer next steps around a Project Financials cost-effective solution that best fits your organization.

P: #1.650.712.6203 Email: cfryc@projectp.com

Through this three (3) part educational web-series, Project Partners will arm you with critical steps and insight into a Project Financials cost-effective solution. This unique solution offering will assist administratively burdened organizations like yours to effectively manage Project Financials around Capital spend through all phases of the Capital Lifecycle (Concept Definition, Funding Approvals, Execution, Reporting, and Managing Project Costs).

WHY CAPITAL PROJECTS? – WEBINAR REGISTRATION

CLICK TO REGISTER HERE for PART 2 of the three (3) part series as we explore the WHY and HOW to leverage EBS Project Financials for Capital Projects. We’ll walk you through the solution focused around project costing to your specific business requirements, robust functionality, and use of authorizations for expenditures to further efficiency gains and extensive return on investments.

MISSED PART 1?  Don’t Worry…CLICK HERE to get a downloadable recording so you will be up-to-speed!   

Have Questions?
Simply reach out to us and our experts will immediately assist, provide additional information, and ensure you have associated playbacks. We look forward to your attendance, and will set up a call to fully understand your needs, and offer next steps around a Project Financials cost-effective solution that best fits your organization.

P: #1.650.712.6203 Email: cfryc@projectp.com

This blog is part of a series where we examine the impacts of ASC 606, Revenue from Contracts with Customers, and introduce the use of Oracle Projects as a solution for facilitating compliance with the new revenue recognition standards and five-step process.

Previous posts in our revenue recognition blog series include: Introduction to Achieving ASC 606 ComplianceStep 1: Identify the Contract with the CustomerStep 2: Identify Performance Obligations in the Contract, Step 3: Determine the Transaction Price – Revenue Recognition Standards, Step 4: Allocate the Transaction Price, and Step 5 (Part One): Recognize Revenue as Performance Obligation is Satisfied.

Step 5 Recognize Revenue as Performance Obligation is Satisfied

In part one of Step 5, we discussed the various items that need to be taken into consideration for Compliance.  One of the key concepts discussed was the determination of Input and Output Progress Methods to properly record outcome of services delivery.  To conclude the discussion on Step 5 we will discuss the methods for properly measuring progress so that outcome is accurately recorded and provide case studies for the various methods of progress measurement.

Methods for Measuring Progress

After determination that a performance obligation is satisfied over time, an entity must determine how far complete the entity’s progress is at any given reporting period.  This is referred to in the new Standard as Measure of Progress.

For example, if a calendar year reporting entity enters into a software support agreement for a 12 month period beginning on January 1, there are three ways an entity can measure progress:

  1. Based upon costs incurred, which is the physical percent complete of costs incurred to the total expected costs of the contract.
  2. Based on labor hours – in which the number of hours are incurred each month are a percentage of the total hours estimated for the year.
  3. Based on time elapsed – where the revenue is generated as 1/12 of the total contract value each month.

The object when measuring progress is to depict an entity’s performance in transferring control of goods or services promised to the customer. (ASC 606-10-25-31)

Selecting a Method to Measure Progress

When performance obligations are satisfied over time, an entity must determine a single method of measuring progress toward the completed satisfaction of the obligation. The objective is to transfer the control of the goods or services to the customer.  To accomplish this, the entity selects either the output or input method and applies it consistently to similar performance obligations.  Both methods are acceptable under the new standard, but they are not interchangeable.

The method used must be appropriate for the circumstances of the contract, as it can result in material differences in the timing of revenue recognition.  Careful determination of which method best reflects the substance of the contract should be considered.

The Output method is based on the direct measurement of the value of the goods or services transferred to date, relative to the other goods or services promised under the contract.  In Oracle Projects, these measurements are referred to as Physical Percent Complete, Milestones and Schedule of Values, and Deliverables.

The Input method is based upon the entity’s efforts toward satisfying a performance obligation relative to the total expected input to the satisfaction of that performance obligation.  In Oracle Projects, these measurements are referred to as Cost to Cost Revenue and Time and Materials.

The Standard allows an entity, in certain contracts that have the right to bill an amount for each unit of service provided, to recognize revenue for the amount being billed.  This is referred to in the Standard as a “practical expedient”.  In this instance, the entity has the right to invoice a customer at an amount equal to its performance to date.  This amount does not need to reflect the fixed amount per unit for this to be applied.  The invoiced amount should directly correspond to the value that is transferred to the customer.

If an entity’s inputs are incurred evenly over time, then it may be appropriate to recognize revenue on a straight-line basis (for example in the case of a 1-year fixed amount contract).

Determining which measure of progress to apply is not a free choice.

An entity needs to exercise judgment in identifying a method that fulfills the stated object of the new standard.  The Standard requires the entity to select a method consistent with the objective of depicting its performance.  The entity needs to consider the nature of the good or service that it has promised to transfer to the customer.

Examples are given within the standard of circumstances where a particular method does not necessarily depict performance.  (Units of production may not be appropriate where there is a material amount of work in progress.)  In addition, an entity must be able to apply a method that is both reliable and relevant.  If the information used to apply the output method is not directly observable or would require a large cost to obtain, then the input method may be appropriate.  In these cases, judgment is required to identify the appropriate method to use.

Neither method is preferred over the other since both methods have advantages and disadvantages that make them more or less appropriate to the facts and circumstances of the contract.  While the output method is generally preferable, a measure of output may not always be directly observable or provide an appropriate measure of performance.  While the new standard does not prescribe which method to use, the entity should select an approach that depicts its performance in transferring control of goods and services promised to a customer.

Single Measure of Progress

Significant judgment and understanding of the nature of the promise to the customer is key to selecting a reasonable measure of progress.  The new Standard requires a single method of measuring progress for each performance obligation.  If multiple performance obligations are to be transferred to the customer over time, this may prove to be difficult.

The entity needs to consider the assessment of performance obligations and whether there are multiple distinct obligations or a single obligation.  Using multiple methods of measuring progress for the same performance obligation is not appropriate.  Therefore, for a single performance obligation, regardless of the number of goods or services and payment streams, the entity is required to identify a single measure of progress that appropriately depicts its progress toward complete satisfaction of that performance obligation.

Should it prove difficult to identify a single measure of progress that accurately determines progress toward satisfaction due to the number of goods and services that make up the performance obligation, the entity may need to reassess the performance obligations identified in the contract to see if there are more performance obligations than originally identified.  If so, each performance obligation can be taken on its own merit when determining the appropriate method to use for revenue recognition.

In addition, when determining the appropriate method for measuring progress, an entity should be aware that the standard requires them to apply the same method to all similar performance obligations in similar circumstances.

Subsequent Measurement of Measure of Progress

Since estimates of an entity’s level of progress will change as the performance obligation is fulfilled, such estimates should be updated with the most current information available.  Changes in estimates should be accounted for in a manner consistent with the guidance on accounting changes which states that changes in accounting estimates shall be accounted for in the period affected by the change and in future periods if the change affects both.  This does not refer to a change in scope or price, but rather a change in an accounting estimate, so the new revenue standards for contract modifications would not apply.

For example:  A company contracts for a fixed price of $2,000,000 and the entity concludes that a cost to cost revenue approach should be used for revenue recognition.  To date, costs incurred total $450,000 with a total cost estimate of $900,000.  If the total cost estimate is dropped to $800,000, the revenue would need to be adjusted to reflect the new estimate as shown here:

  • Revenue recognized to date = ($450K/$900K) * $2M = $1M
  • Adjusted revenue based on new estimate = ($450K/$900K) * $2M = $1.125M
  • Increase in revenue recognized due to change in estimate = $125K.

Oracle Projects functionality allows for the automatic recalculation of recognized revenue. Oracle Projects posts the change to the total to be recognized ($125K) in the current accounting period.  In addition, future revenue streams are calculated using the new accounting estimate, per the new Standards requirements.

Reasonable Measure of Progress

In some circumstances an entity may not be able to reasonably measure progress toward completion as it lacks the reliable information required to apply an appropriate method of measuring progress (such as a long-term contract).  In some circumstances, an entity may not be able to reasonably measure progress but expects to recover the costs incurred in satisfying the performance obligation.

In those instances, the entity should recognize revenue for its progress by recognizing revenue solely in the amount of the costs incurred. This will result in a net margin of zero.  This would only be appropriate until such time that the entity can reasonably measure progress or until the performance obligation becomes too arduous.

When the new revenue standard was being developed, the Board used legacy GAAP as well as measures of progress used in current practice.  Two measures of progress were carried forward in the new standard and will be addressed in detail in a future release in this series.

Comparison of ASC 606 to ASC 605

The key differences between the prior methodology and the new Standard of revenue recognition revolve around Scope, Timing and Control, and Control vs. Risks and Rewards of Ownership.

Scope

The old standard consisted of industry-specific guidance.  The new standard consolidates revenue guidance across most industries, meaning that for all entities with performance obligations satisfied over time, they will be required to select the revenue recognition method that best depicts performance measures in transferring of goods and services to their customers.

Timing and Control

The new standard outlines three criteria that improve upon the distinction between contracts that are satisfied over time and those that are satisfied at a point in time.  To be considered “over time”, the following criteria needs to be met:

  1. The customer simultaneously receives and consumes the benefit provided by the entity as the entity performs.
  2. The entity’s performance enhances or creates assets that the customer controls while the assets are being enhanced/created.
  3. The performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date (ASC 606-10-25:27).

Companies will need to rethink how they recognize revenue depending upon the criteria laid out in the new standard.

Companies that utilized the straight-line method of revenue recognition under the old standard must now choose a method and put in a process to track progress using the chosen method going forward.  Entities must follow the method that best depicts performance in transfer of goods or services, making accounting for contracts more complex.  Reevaluation of the timing of revenue recognitions with customers may be necessary.

Control vs. Risks and Rewards of Ownership

The key issue for revenue recognition is determining exactly when the goods or services are transferred to the customer.  The new standard shifts the focus from the “risks and rewards of ownership” to assessing whether control has been passed to the customer (ASC 606-10-25-25).  This may affect the timing of revenue recognition.

Under the old standard, only construction and production type contracts utilized the input and output methods.  Now, all performance obligations that are satisfied over time, regardless of industry, must use the input and output methods.  The differences between these two methods can result in material differences of revenue being recognized.  Objective judgement is required in deciding which method to apply.

Using Oracle Projects to Meet the Objectives Of Step 5 of ASC 606

Case Studies

In our previous blogs on ASC 606 Revenue Recognition, we described three types of contracts typical to service delivery organizations:

  • Service Contracts based on selling hours (Time & Expense-“T&E”): In this scenario, the delivery organization contracts to provide a specified number of hours of specialized resources to meet the client’s requirements. There are no specific deliverables listed in the contract. These types of contracts are slowly disappearing as clients demand more specifics before signing contracts.
    • Pure Professional Service Organizations (“PSO”) – Management Consulting
  • Time & Material (“T&M”) Service Contracts based on specific Deliverables AND Fixed Price Service Contracts based on Milestones: These are very typical service contracts. They are combined together here even though they have completely different billing methods because they will need to be treated the same for revenue recognition purposes under the new standard. Additional contract types, such as Cost Plus or some variant of this with different types of fees, will also fall under this category for Revenue Recognition as long as these contracts all specify obligations or deliverables on the service provider.
    • PSOs, Engineering, IT Services, Marketing/Advt. Services
  • Unit Price Based Contracts: Commonly referred to as Schedule of Values (SOV) contracts. These contracts typically specify numbers of units to be delivered for one or more types of items after an initial design/confirmation period.
    • Construction, ATO/ETO based Manufacturing Firms
    • Schedule of Values functionality is delivered in release 12.2.5

We will continue to Steps 5 using the case studies previously discussed.

In Oracle Projects, Step 5 of the Standard requires a two-step approach.   Work is performed and delivery is recorded in Oracle Projects.  Then, a process to Generate Draft Revenue for the projects is run to complete the recognition process.

Service Contracts based on selling hours (T&E)

  • Delivery Team Charges Time & Expenses to the Project

Service Contracts based on selling hours

Run the Generate Draft Revenue Process for your projects to recognize revenue:

  • Service Contracts based on selling hours (T&E)
    • Revenue based on hours charged

Perform Work and Record Delivery

T&M Service Contracts based on specific Deliverables and Fixed Price Service Contracts based on Milestones

  • Mark Deliverable As Complete. Mark Billing Action as Complete

Run the Generate Draft Revenue Process for your projects to recognize revenue:

  • T&M/Fixed Price Service Contracts
    • Billing Events Generated from Deliverables are used to generate Revenue

Unit Price Based Contracts

  • Enter Progress and record Quantity completed for each SOV Task

Run the Generate Draft Revenue Process for your projects to recognize revenue:

Unit Price Based Contracts

  • Billing Events Generated from SOV Progress are used to generate Revenue

As you can see Oracle Projects provides the ability to configure your projects to meet the requirements of Step 5 of the new ASC 606 guideline with standard functionality.  In the next blog in the series we will cover Contract Modifications.

Oracle Licensing Requirements

  • Project Costing and Billing are required for all features discussed in this paper
  • Project Planning and Control must be implemented to leverage Deliverable functionality
  • Schedule of Values functions are available in Oracle Project Planning and Control release 12.2.5

Learn more on managing ASC 606 revenue recognition with Oracle E-Business Suite (EBS) Projects –
Read the white paper
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